Recall the Application. If the Federal Reserve was making a decision on changing interest rates
A) the Board of Governors would typically make an equally good decision as would the chairman acting on his own.
B) the Board of Governors would typically make a better decision than the chairman acting on his own.
C) the chairman, acting alone, would typically make a better decision than the Board of Governors.
D) neither the Board of Governors nor the chairman, acting alone, would tend to make accurate predictions.
B
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What is the “right” degree of abstraction necessary to analyze an economic problem?
A. Simple abstraction of only minor details B. Simple abstraction of only irrelevant details C. Total abstraction of all variables D. Total abstraction of all irrelevant details E. There is no “right” degree of abstraction to analyze an economic problem.
What is a Lorenz curve? What is a Gini coefficient?
What will be an ideal response?
The long-run Phillips curve is ________ than the short-run Phillips curve
A) flatter B) steeper C) more volatile D) less stable
Greatest availability of a service to those who need it least is called
a. market system b. public provision c. adverse selection d. non-exclusion e. none of the above